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23 June 2021

The global corporate tax rate: crypto savior or killer?

The global corporate tax rate: crypto savior or killer?

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Under all of this, the new rules will focus on where the profit was made and not where the company is based — the idea being that companies are discouraged from moving money around the globe, or providing services in one country from another that has a cheaper tax rate.

With the inevitable introduction of these new pillars, we have to ask ourselves: How could this impact crypto companies.

(Note: “International companies” literally means companies that have multiple locations, or do business, in multiple countries.).

The feeling is that crypto companies who operate internationally will have to do one of two things: Either be prepared to pay a corporate domestic rate of 15% all over the globe, or move their physical location to a truly international location.

In the future, it is possible we will see companies that will be purely based out of their location, such as the British Virgin Islands, with the team physically conducting business there.

Likewise, countries such as Singapore and Ukraine have excellent tax rules for companies simply looking to do business there with minimal presence.

Countries will not want to quickly give that up — especially countries that heavily rely on the income from corporate formations and companies doing business within their otherwise unheard of shores.

This is something they have been desperate to stop, with ever more cumbersome tax laws for individuals and corporations.

If, upon deployment of the new rules, the taxes are massively overbearing, many may wish to look at new locations and physical offices — especially those who make more than 10% profit and, more importantly, those who conduct business in one location with good taxes, but have their physical offices in another location.

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